I went to short course Nationals in 2004 last time they were at IUPUI. Me and a friend stayed in the hotel that is sort of connected to the pool. I think it's the University Place Hotel. My recollection was that it wasn't exactly cheap, but definitely convenient. If you want to stay in the downtown area hotels aren't going to be cheap. On the other hand, I'm sure cheaper options exist a little farther out, but would most likely require a rental car. Staying in downtown Indy is the way to go if you can afford it because you can walk to the pool and to lots of bars and restaurants.
I went to short course Nationals in 2004 last time they were at IUPUI. Me and a friend stayed in the hotel that is sort of connected to the pool. I think it's the University Place Hotel. My recollection was that it wasn't exactly cheap, but definitely convenient. If you want to stay in the downtown area hotels aren't going to be cheap. On the other hand, I'm sure cheaper options exist a little farther out, but would most likely require a rental car. Staying in downtown Indy is the way to go if you can afford it because you can walk to the pool and to lots of bars and restaurants.